On September 30, 2018, Slowpokes closing inventory was counted and valued at its cost of P1M. Some items of inventory which had cost P210,000 had been damaged in a flood on September 15, 2018 and are not expected to achieve their normal selling price, which is calculated to achieve a gross profit margin of 30%. The sale of these goods will be handled by an agent who sells them at 80% of the normal selling price and charges Slowpoke a commission of 25%. At what value will the closing inventory of Slowpoke be reported in its SFP as at September 30, 2018?